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The Flight Path Approach to Age-Based Asset Allocation
"The ability of young people to handle high levels of equity is a fallacy. It may be technically correct based on long-term returns, but not on short-term emotion. Many young people have far less appetite for equity risk than the age-based model assumes. This is because they’re inexperienced at taking risk and this often leads to capitulation during a bear market."
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From your links I found this article and Link:
The Flight Path Approach to Age-Based Asset Allocation
"The ability of young people to handle high levels of equity is a fallacy. It may be technically correct based on long-term returns, but not on short-term emotion. Many young people have far less appetite for equity risk than the age-based model assumes. This is because they’re inexperienced at taking risk and this often leads to capitulation during a bear market."
the-flight-path-approach-to-age-based-asset-allocation